Verizon considering expansion into sports betting – report

US telecommunications firm Verizon could move into the sports betting market, according to Bloomberg.

Verizon last year purchased Yahoo and its fantasy sports business, and people familiar with the matter have now said that the telco has met with experts and consultants to assess the potential for expansion into sports betting, should US laws change.

Nevada is currently the only US state in which punters can bet on sports, but New Jersey wants to open up the regulated market to more states by overturning the federal 1992 Professional and Amateur Sports Protection Act (PASPA).

PASPA makes it unlawful for governmental entities to sponsor, operate, advertise, promote, licence or authorise betting, gambling or wagering schemes that are based on games played by amateur or professional athletes.

The US Supreme Court recently hosted an opening hearing for the case, although a final decision is not expected until June.

Although Bloomberg did not name its sources, it did quote Verizon chief financial officer Matt Ellis as saying that the company is looking at a number of potential changes.

“There are some changes coming that we pay attention to; we stay close to that to see how it would affect our asset and how we may choose to respond,” Ellis said.

“I’ve not looked at anything in detail; if someone has an idea around it, I’ll look at it like any other.

“But we are not getting ahead of ourselves there.”

Bloomberg’s sources appear to support this by revealing that Verizon previously looked at expanding its services into the gambling sector, only to conclude that as it is dominated by casinos, it would prove too much of a challenge.

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